A review of the importance of strategic planning in the competitive world of rapidly expanding businesses and how this applies to the Metroplitan General Insurance.
Written in 2008; 2,402 words; 8 sources; APA; $ 73.95
Paper Summary:
This paper discusses the role of strategic planning in business, as it determines the overall direction and goals of an organization. More specifically, the paper examines the problems faced by the Metroplitan General Insurance company and how strategic planning can help this company overcome these problems. The paper then explains that the main problem at the company is that its profits have decreased and employees are not happy with the company. The paper further confirms that the company hopes to break even while there is no teamwork between the managers and employees. Next, the paper goes on to specifically describe the problems at Metropolitan General Insurance and what the CEO must do to overcome them, emphasizing, in particular, the need for strong and effective leadership. The paper concludes that companies need strong leadership so that they have the ability to be innovative enough to set themselves apart from their competitors and maintain a successful and stable structure company.
From the Paper:
"In order to overcome the issues, the CEO needs to consider group thinking and conformity so that everyone can work together. Working on a team can be very rewarding and exciting, but also frustrating if some of the team member are not committed to the team. Building a high performance team requires time, collaboration and most importantly communication. A team is described as a small number of people with complementary skills who are committed to a common purpose and approach for which they hold themselves mutually accountable. Group thinking and conformity focuses on the interpersonal transaction between managers and employee. Leaders are seen as engaging in behaviors that maintain a quality interaction between themselves and followers. The company is lacking group thinking and conformity because no one is willing to work together. In order to be an effective company, they have to conform as one so that productivity can be increased to make high profits. This effective form of communication and teamwork allowed people in the park with no problems because the team was organized and knew the proper procedure. A successful team also requires active listening, empathy, and being truly committed. "
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